This document summarizes Ireland's progress toward becoming a knowledge-based economy as well as ongoing challenges. Key points:
- Ireland has made progress increasing investment in R&D and the percentage of the population with tertiary education to approach EU averages, positioning it as an innovation "follower."
- Metrics now show Ireland on par with the EU-15 average, though the target is to match leading innovative countries like Finland, Sweden, and Denmark.
- Ongoing challenges include effectively linking public research to both foreign-owned and indigenous business sectors and maintaining momentum to reach innovation leader status within about 10 years.
Subnational Governments Around the World: Parts I & IIOECD Governance
PART I - SYNTHESIS ANALYSIS & PART II - METHODOLOGY AND COUNTRY SAMPLE
Subnational Governments Around the World is a joint OECD/United Cities and Local Government (UCLG) study presenting presents the main organisational and financial indicators related to subnational governments in 101 federal and unitary countries worldwide.
The Not So Great Recovery — Social Expenditure and the Making of the European...TITA research
Veilahti: The Not So Great Recovery — Social Expenditure and the Making of the European Crisis. Presentation at TITA Annual Research Meeting, Turku 15.-16.9.2016
This document discusses building knowledge economies and measuring their success. It notes that knowledge is now the principal source of wealth, unlike in the past when natural resources were most important. While GDP growth is needed, it does not ensure broader societal benefits like trust, security and happiness. Alternative metrics try to capture these, like the UN's Human Development Index. Linking investments in knowledge to economic and social returns is challenging due to variability in impacts and benefits over different timescales. The EU is making some progress through comparisons across its 27 countries.
The document discusses the concept of place resilience and the Centre for Local Economic Strategies' (CLES) model for assessing it. CLES views resilience as making a place able to withstand economic and environmental shocks while maintaining a strong, equitable economy and society. The model examines four areas - the public economy, social economy, core economy, and commercial economy - and the relationships between them that contribute to a place's resilience. CLES has applied this model in research projects in the UK and other countries.
1. Inequality is rising globally and within the EU, threatening economic growth and social cohesion.
2. A mixed policy response is needed that promotes inclusive growth through jobs, social protection, and reducing inequality of opportunity. Social investment policies that boost human capital from an early age can help drive participation and productivity.
3. Transforming welfare systems into ones focused on social investment, like supporting education and women's participation, can help countries adapt to demographic changes and perform better economically. The EU needs more coordinated, fair social policies to strengthen its legitimacy and long-term viability.
1. Developing countries share common characteristics including lower levels of living standards, productivity, and human capital compared to developed countries. They also have higher levels of inequality, poverty, population growth, and rural populations.
2. Countries are classified by income level using GDP per capita thresholds set by the World Bank. The Human Development Index (HDI) provides a holistic measure of living levels based on health, education, and income indicators.
3. Diversity exists within the common characteristics of developing countries. Absolute poverty, mortality rates, and education levels vary significantly between and within countries based on factors like location, gender, and ethnicity.
This document summarizes Ireland's progress toward becoming a knowledge-based economy as well as ongoing challenges. Key points:
- Ireland has made progress increasing investment in R&D and the percentage of the population with tertiary education to approach EU averages, positioning it as an innovation "follower."
- Metrics now show Ireland on par with the EU-15 average, though the target is to match leading innovative countries like Finland, Sweden, and Denmark.
- Ongoing challenges include effectively linking public research to both foreign-owned and indigenous business sectors and maintaining momentum to reach innovation leader status within about 10 years.
Subnational Governments Around the World: Parts I & IIOECD Governance
PART I - SYNTHESIS ANALYSIS & PART II - METHODOLOGY AND COUNTRY SAMPLE
Subnational Governments Around the World is a joint OECD/United Cities and Local Government (UCLG) study presenting presents the main organisational and financial indicators related to subnational governments in 101 federal and unitary countries worldwide.
The Not So Great Recovery — Social Expenditure and the Making of the European...TITA research
Veilahti: The Not So Great Recovery — Social Expenditure and the Making of the European Crisis. Presentation at TITA Annual Research Meeting, Turku 15.-16.9.2016
This document discusses building knowledge economies and measuring their success. It notes that knowledge is now the principal source of wealth, unlike in the past when natural resources were most important. While GDP growth is needed, it does not ensure broader societal benefits like trust, security and happiness. Alternative metrics try to capture these, like the UN's Human Development Index. Linking investments in knowledge to economic and social returns is challenging due to variability in impacts and benefits over different timescales. The EU is making some progress through comparisons across its 27 countries.
The document discusses the concept of place resilience and the Centre for Local Economic Strategies' (CLES) model for assessing it. CLES views resilience as making a place able to withstand economic and environmental shocks while maintaining a strong, equitable economy and society. The model examines four areas - the public economy, social economy, core economy, and commercial economy - and the relationships between them that contribute to a place's resilience. CLES has applied this model in research projects in the UK and other countries.
1. Inequality is rising globally and within the EU, threatening economic growth and social cohesion.
2. A mixed policy response is needed that promotes inclusive growth through jobs, social protection, and reducing inequality of opportunity. Social investment policies that boost human capital from an early age can help drive participation and productivity.
3. Transforming welfare systems into ones focused on social investment, like supporting education and women's participation, can help countries adapt to demographic changes and perform better economically. The EU needs more coordinated, fair social policies to strengthen its legitimacy and long-term viability.
1. Developing countries share common characteristics including lower levels of living standards, productivity, and human capital compared to developed countries. They also have higher levels of inequality, poverty, population growth, and rural populations.
2. Countries are classified by income level using GDP per capita thresholds set by the World Bank. The Human Development Index (HDI) provides a holistic measure of living levels based on health, education, and income indicators.
3. Diversity exists within the common characteristics of developing countries. Absolute poverty, mortality rates, and education levels vary significantly between and within countries based on factors like location, gender, and ethnicity.
This document discusses fiscal policy in the United States in the context of rising inequality. It makes three key points:
1) Inequality in the US is high and growing, with the top 1% gaining significantly more income than the rest. Government can and should do more to promote equality of opportunity through public investment and insurance programs.
2) Public investment, such as in infrastructure and education, provides jobs and yields high economic returns that complement private sector growth. However, the US underinvests in these areas.
3) The US tax base is inadequate given spending needs. Moderate tax increases coupled with more progressive public spending could help address inequality without steep rate increases. Overall fiscal policy should consider both spending and
Master Class - Geopolitics for Business and FinanceGeopolitcalAlpha
For too long business strategy has been confined to stale tactical frameworks rooted in economics and accounting like Porter's Five Forces, the BCG Matrix or the Value Chain. Real strategy accounts for the deep tidal forces that drive change in economics, governments and society. These tidal forces are geopolitical, and can be usefully divided as Geography (location, resources and routes), Demography (changes in the number and composition of populations), Politics and Culture, and Technology (with the "3-GRAIN" general purpose technologies having special importance for understanding the future: 3-D Printing, Genetic engineering, Robotics, Artificial Intelligence, IT, and Nanotechnology). It is only by exploring these deep forces driving change in our world that business and finance strategy worthy of the name can be performed.
ETT Jonathan Chaloff jmc Riga 11 5-15 Macro-Economic Aspects of Peoples Mob...euromonde
Macro Economic Aspects Of People's Mobility
Mr. Jonathan Chaloff, Administrator, International Migration Division,
Directorate for Employment, Labour and Social Affairs, OECD
http://euromonde.eu
Brussels Seminar - European Young Leaders "40 Under 40"40under40
The Young Leaders engaged in a dialogue with Herman Van Rompuy, President of the European Council, about strengthening the European narrative and addressing the crises facing the EU. Van Rompuy stressed the importance of European leaders demonstrating courage and conviction in their support for further integration. However, he noted that convening a new European Convention would be difficult given current economic pressures. Instead, upcoming meetings of the European Council will focus on resolving financial issues, achieving consensus on further economic governance reforms, and ensuring stability in the Eurozone in order to demonstrate that the EU project is not reversible. The Young Leaders advocated finding ways to stimulate public debate on Europe's future direction in order to combat rising euroscepticism.
social enterprise a new model for poverty reduction and employment generationBoni
This document examines social enterprises as a model for poverty reduction and employment generation in Europe and the Commonwealth of Independent States. It provides an overview of the emergence and evolution of social enterprises, and analyzes their role and legal status in Poland, Serbia, and Ukraine. The document aims to stimulate debate on how social enterprises can improve lives and support human development, particularly for disadvantaged groups. It is the result of collaboration between the UNDP and EMES European Research Network over two years.
The document discusses the European Union and the Greek debt crisis. It provides background on the formation and structure of the EU, including its executive, legislative, and judicial branches. It then discusses the specifics of the Greek debt crisis, noting that Greece's debt levels increased after joining the Eurozone. The crisis has spilled over to other EU nations with high debt levels like Italy, Spain, Portugal, and Ireland, totaling over $8 trillion in debt. Two proposed solutions are bailing out Greece or forcing it out of the Eurozone. Neo-functionalism and intergovernmentalism are reviewed as theories to understand European integration. Nationalism and pluralism are also discussed. The document concludes by recommending that Greece be eliminated from
Paris Seminar - European Young Leaders "40 Under 40"40under40
The Young Leaders discussed the current state of the European Union amidst the ongoing economic crisis. While many saw issues that needed addressing, such as a lack of leadership and confidence, most remained optimistic that Europe would survive if meaningful reforms were undertaken. They called for a renewal of Europe through greater political and fiscal integration, a focus on common foreign and social policies, and building a stronger transnational civic identity. However, they also emphasized Europe must broaden its horizons and be more open to other regions of the world.
Thomas Liebig - TRENDS AND COMPOSITION OF MIGRATION FLOWS What role for policy?MigrationPolicyCentre
This document discusses trends and policies around global migration flows. It finds that around 1 in 5 people in OECD countries have a migration background. While permanent migration to OECD countries was impacted by the financial crisis, free movement within Europe remains a significant source of migration. Policy approaches to highly skilled migration vary, from job offer-based systems to point-based systems, with most countries seeking to recruit and retain international students and skilled workers.
This document summarizes three scenarios for the future of pensions and healthcare in 2030 that were developed as part of the World Economic Forum's Financing Demographic Shifts 2030 project:
1) "The Winners and the Rest" - Global growth delays the impact of aging populations, but inequality grows as scaled-back social security systems are seen as inadequate by many.
2) "We Are in This Together" - Leaders prioritize reducing inequality and collective responsibility for social services through innovative, efficient solutions despite moderate growth.
3) "You Are on Your Own" - A prolonged economic recession overwhelms state pension/healthcare systems, forcing governments to shift responsibilities to individuals and the private sector while maintaining
This document outlines the course overview for an intelligence tools course for finance professionals. The 8-session course will cover topics like macroeconomic analysis, information search strategies, actor analysis, and frameworks for understanding mergers and complex investment situations. It will aim to give students basic theories, tools, and questioning techniques to improve their analysis. The instructor provides examples of how these tools could help analyze situations like China's restrictions on rare earth element exports. Students are encouraged to practice using a "three track analysis" approach involving rational actor, organizational, and political frameworks to fully understand such events.
Income Inequalities and Beyond In Europe and Central AsiaUNDP Eurasia
This document summarizes data on income inequalities in Europe and Central Asia. It finds that while income inequalities increased after the transition to market economies, levels remain relatively low. However, some countries are of particular concern, such as FYR Macedonia, Georgia, Albania, and Turkey which have high or rising inequalities. Beyond income, factors like exclusion from labor markets, vulnerabilities based on ethnicity, and reliance on remittances also contribute to inequalities. The data shows reducing income inequalities can help reduce poverty, while high inequalities make poverty worse. Better data is still needed, especially on non-income inequalities, to understand the full picture and underpin new sustainable development goals.
European Young Leaders: '40 under 40'
Report of the three-day seminar, part of an annual working programme co-organised by Friends of Europe and EuropaNova, Summer 2013, Athens
Comparative analysis of the socioeconomic and demographic change in Europe: i...ifoasapereutile
Verso l’Europa 2020 - imprese e persone che cambiano
Evento Finale del Progetto EMPOWER+ “Rete Europea per la promozione dell’occupabilità: lavoratori senior come Mentor, Coach e Team-Leaders”
Intervento di Nikos Vasileiadis: Trek Consulting (Grecia)
“Verso l’Europa 2020, persone e imprese che cambiano” è il titolo con cui si è celebrato il 24 settembre 2013 in IFOA, a Reggio Emilia, l’evento finale del progetto europeo “Empower Plus”, realizzato da un partnership costituita da enti rappresentativi di diversi paesi europei: Grecia, regione della Macedonia Centrale, Germania, Spagna e Italia che con IFOA ha contribuito al progetto apportando la sua esperienza nella formazione.
Il convegno si è soffermato sull’importanza del mantenimento del filo di collegamento intergenerazionale che garantisce la continuità nel ricambio all’interno delle organizzazioni: mantenere il patrimonio di conoscenze che i lavoratori più anziani detengono e studiare e praticare modalità di trasferimento delle competenza ai più giovani significa per le imprese sopravvivere al cambiamento e assicurarsi continuità e innovazione.
Resto perchè cambio: così l’invecchiamento attivo sul posto di lavoro diventa un valore sociale, una ricchezza per l’impresa, un’ opportunità per i giovani, un arricchimento per i lavoratori maturi.
Anastasia Gage - high fertility and african migration to the euMigrationPolicyCentre
- The document summarizes trends in African migration to the EU and the role of high fertility rates in countries of origin as a push factor. It finds that while high fertility contributes to rapid population growth and constraints on resources, it is not a predominant explanation on its own. Fertility is declining more slowly in West and Middle Africa and is higher among uneducated women. Improving education, access to family planning, jobs, and governance could help address high fertility and its impacts on migration pressures.
This document summarizes the key findings of an international study examining the political and economic values, perceptions, and attitudes of citizens in 10 European countries. It provides details on:
- Levels of interest in local, national, European and world news, which are highest for local news and lower for distant news. Spanish interest is close to European averages.
- Newspaper consumption habits, which vary significantly between countries, with daily readership highest in Sweden, Denmark, and the Netherlands, and lowest in Poland, Czech Republic, Italy and Spain.
- Association membership, which is highest in Denmark, Sweden, and the Netherlands, and lowest in Spain, Italy, and Poland. Membership tends to be in sports or
This document provides an overview and analysis of the causes of Greece's financial crisis that began in 2009. It discusses several underlying causes such as corruption, an inefficient public sector, a rigid labor market, an uncompetitive economic structure, a progressive tax system, and excessive borrowing. The austerity measures implemented in response are not yielding the intended results and Greece's financial position has significantly deteriorated. The document aims to properly diagnose the causes of the crisis and evaluate the effectiveness of the responses in order to prescribe better options for Greece to resolve its financial challenges.
FutureChallenges » Austerity for growth_ Greater European integration could b...Angelo Boccato
This document summarizes an article discussing austerity measures in Italy. It makes three key points:
1) Austerity has been a divisive issue in Italy, with some supporting the fiscal discipline promoted by Mario Monti's government as necessary for growth, while others see the tax hikes and lack of spending cuts as excessive.
2) While fiscal discipline is important for long-term growth, austerity measures in Italy and other European countries do not seem to have boosted growth as intended, and have possibly increased inequality and public debt levels.
3) For austerity policies to be accepted and economic integration to advance further, European institutions may need to pursue a "social Europe" strategy with more focus on employment, welfare,
The document summarizes an inaugural summit held in New York City on February 11, 2013 called "Italy Meets the United States of America". It includes welcoming letters from Mayor Bloomberg and the US Ambassador to Italy. It then provides an overview of the current economic situation in Italy, highlighting strengths such as low household debt and high private savings despite high public debt, as well as opportunities for investment in infrastructure, privatization projects, and growing sectors.
This document discusses fiscal policy in the United States in the context of rising inequality. It makes three key points:
1) Inequality in the US is high and growing, with the top 1% gaining significantly more income than the rest. Government can and should do more to promote equality of opportunity through public investment and insurance programs.
2) Public investment, such as in infrastructure and education, provides jobs and yields high economic returns that complement private sector growth. However, the US underinvests in these areas.
3) The US tax base is inadequate given spending needs. Moderate tax increases coupled with more progressive public spending could help address inequality without steep rate increases. Overall fiscal policy should consider both spending and
Master Class - Geopolitics for Business and FinanceGeopolitcalAlpha
For too long business strategy has been confined to stale tactical frameworks rooted in economics and accounting like Porter's Five Forces, the BCG Matrix or the Value Chain. Real strategy accounts for the deep tidal forces that drive change in economics, governments and society. These tidal forces are geopolitical, and can be usefully divided as Geography (location, resources and routes), Demography (changes in the number and composition of populations), Politics and Culture, and Technology (with the "3-GRAIN" general purpose technologies having special importance for understanding the future: 3-D Printing, Genetic engineering, Robotics, Artificial Intelligence, IT, and Nanotechnology). It is only by exploring these deep forces driving change in our world that business and finance strategy worthy of the name can be performed.
ETT Jonathan Chaloff jmc Riga 11 5-15 Macro-Economic Aspects of Peoples Mob...euromonde
Macro Economic Aspects Of People's Mobility
Mr. Jonathan Chaloff, Administrator, International Migration Division,
Directorate for Employment, Labour and Social Affairs, OECD
http://euromonde.eu
Brussels Seminar - European Young Leaders "40 Under 40"40under40
The Young Leaders engaged in a dialogue with Herman Van Rompuy, President of the European Council, about strengthening the European narrative and addressing the crises facing the EU. Van Rompuy stressed the importance of European leaders demonstrating courage and conviction in their support for further integration. However, he noted that convening a new European Convention would be difficult given current economic pressures. Instead, upcoming meetings of the European Council will focus on resolving financial issues, achieving consensus on further economic governance reforms, and ensuring stability in the Eurozone in order to demonstrate that the EU project is not reversible. The Young Leaders advocated finding ways to stimulate public debate on Europe's future direction in order to combat rising euroscepticism.
social enterprise a new model for poverty reduction and employment generationBoni
This document examines social enterprises as a model for poverty reduction and employment generation in Europe and the Commonwealth of Independent States. It provides an overview of the emergence and evolution of social enterprises, and analyzes their role and legal status in Poland, Serbia, and Ukraine. The document aims to stimulate debate on how social enterprises can improve lives and support human development, particularly for disadvantaged groups. It is the result of collaboration between the UNDP and EMES European Research Network over two years.
The document discusses the European Union and the Greek debt crisis. It provides background on the formation and structure of the EU, including its executive, legislative, and judicial branches. It then discusses the specifics of the Greek debt crisis, noting that Greece's debt levels increased after joining the Eurozone. The crisis has spilled over to other EU nations with high debt levels like Italy, Spain, Portugal, and Ireland, totaling over $8 trillion in debt. Two proposed solutions are bailing out Greece or forcing it out of the Eurozone. Neo-functionalism and intergovernmentalism are reviewed as theories to understand European integration. Nationalism and pluralism are also discussed. The document concludes by recommending that Greece be eliminated from
Paris Seminar - European Young Leaders "40 Under 40"40under40
The Young Leaders discussed the current state of the European Union amidst the ongoing economic crisis. While many saw issues that needed addressing, such as a lack of leadership and confidence, most remained optimistic that Europe would survive if meaningful reforms were undertaken. They called for a renewal of Europe through greater political and fiscal integration, a focus on common foreign and social policies, and building a stronger transnational civic identity. However, they also emphasized Europe must broaden its horizons and be more open to other regions of the world.
Thomas Liebig - TRENDS AND COMPOSITION OF MIGRATION FLOWS What role for policy?MigrationPolicyCentre
This document discusses trends and policies around global migration flows. It finds that around 1 in 5 people in OECD countries have a migration background. While permanent migration to OECD countries was impacted by the financial crisis, free movement within Europe remains a significant source of migration. Policy approaches to highly skilled migration vary, from job offer-based systems to point-based systems, with most countries seeking to recruit and retain international students and skilled workers.
This document summarizes three scenarios for the future of pensions and healthcare in 2030 that were developed as part of the World Economic Forum's Financing Demographic Shifts 2030 project:
1) "The Winners and the Rest" - Global growth delays the impact of aging populations, but inequality grows as scaled-back social security systems are seen as inadequate by many.
2) "We Are in This Together" - Leaders prioritize reducing inequality and collective responsibility for social services through innovative, efficient solutions despite moderate growth.
3) "You Are on Your Own" - A prolonged economic recession overwhelms state pension/healthcare systems, forcing governments to shift responsibilities to individuals and the private sector while maintaining
This document outlines the course overview for an intelligence tools course for finance professionals. The 8-session course will cover topics like macroeconomic analysis, information search strategies, actor analysis, and frameworks for understanding mergers and complex investment situations. It will aim to give students basic theories, tools, and questioning techniques to improve their analysis. The instructor provides examples of how these tools could help analyze situations like China's restrictions on rare earth element exports. Students are encouraged to practice using a "three track analysis" approach involving rational actor, organizational, and political frameworks to fully understand such events.
Income Inequalities and Beyond In Europe and Central AsiaUNDP Eurasia
This document summarizes data on income inequalities in Europe and Central Asia. It finds that while income inequalities increased after the transition to market economies, levels remain relatively low. However, some countries are of particular concern, such as FYR Macedonia, Georgia, Albania, and Turkey which have high or rising inequalities. Beyond income, factors like exclusion from labor markets, vulnerabilities based on ethnicity, and reliance on remittances also contribute to inequalities. The data shows reducing income inequalities can help reduce poverty, while high inequalities make poverty worse. Better data is still needed, especially on non-income inequalities, to understand the full picture and underpin new sustainable development goals.
European Young Leaders: '40 under 40'
Report of the three-day seminar, part of an annual working programme co-organised by Friends of Europe and EuropaNova, Summer 2013, Athens
Comparative analysis of the socioeconomic and demographic change in Europe: i...ifoasapereutile
Verso l’Europa 2020 - imprese e persone che cambiano
Evento Finale del Progetto EMPOWER+ “Rete Europea per la promozione dell’occupabilità: lavoratori senior come Mentor, Coach e Team-Leaders”
Intervento di Nikos Vasileiadis: Trek Consulting (Grecia)
“Verso l’Europa 2020, persone e imprese che cambiano” è il titolo con cui si è celebrato il 24 settembre 2013 in IFOA, a Reggio Emilia, l’evento finale del progetto europeo “Empower Plus”, realizzato da un partnership costituita da enti rappresentativi di diversi paesi europei: Grecia, regione della Macedonia Centrale, Germania, Spagna e Italia che con IFOA ha contribuito al progetto apportando la sua esperienza nella formazione.
Il convegno si è soffermato sull’importanza del mantenimento del filo di collegamento intergenerazionale che garantisce la continuità nel ricambio all’interno delle organizzazioni: mantenere il patrimonio di conoscenze che i lavoratori più anziani detengono e studiare e praticare modalità di trasferimento delle competenza ai più giovani significa per le imprese sopravvivere al cambiamento e assicurarsi continuità e innovazione.
Resto perchè cambio: così l’invecchiamento attivo sul posto di lavoro diventa un valore sociale, una ricchezza per l’impresa, un’ opportunità per i giovani, un arricchimento per i lavoratori maturi.
Anastasia Gage - high fertility and african migration to the euMigrationPolicyCentre
- The document summarizes trends in African migration to the EU and the role of high fertility rates in countries of origin as a push factor. It finds that while high fertility contributes to rapid population growth and constraints on resources, it is not a predominant explanation on its own. Fertility is declining more slowly in West and Middle Africa and is higher among uneducated women. Improving education, access to family planning, jobs, and governance could help address high fertility and its impacts on migration pressures.
This document summarizes the key findings of an international study examining the political and economic values, perceptions, and attitudes of citizens in 10 European countries. It provides details on:
- Levels of interest in local, national, European and world news, which are highest for local news and lower for distant news. Spanish interest is close to European averages.
- Newspaper consumption habits, which vary significantly between countries, with daily readership highest in Sweden, Denmark, and the Netherlands, and lowest in Poland, Czech Republic, Italy and Spain.
- Association membership, which is highest in Denmark, Sweden, and the Netherlands, and lowest in Spain, Italy, and Poland. Membership tends to be in sports or
This document provides an overview and analysis of the causes of Greece's financial crisis that began in 2009. It discusses several underlying causes such as corruption, an inefficient public sector, a rigid labor market, an uncompetitive economic structure, a progressive tax system, and excessive borrowing. The austerity measures implemented in response are not yielding the intended results and Greece's financial position has significantly deteriorated. The document aims to properly diagnose the causes of the crisis and evaluate the effectiveness of the responses in order to prescribe better options for Greece to resolve its financial challenges.
FutureChallenges » Austerity for growth_ Greater European integration could b...Angelo Boccato
This document summarizes an article discussing austerity measures in Italy. It makes three key points:
1) Austerity has been a divisive issue in Italy, with some supporting the fiscal discipline promoted by Mario Monti's government as necessary for growth, while others see the tax hikes and lack of spending cuts as excessive.
2) While fiscal discipline is important for long-term growth, austerity measures in Italy and other European countries do not seem to have boosted growth as intended, and have possibly increased inequality and public debt levels.
3) For austerity policies to be accepted and economic integration to advance further, European institutions may need to pursue a "social Europe" strategy with more focus on employment, welfare,
The document summarizes an inaugural summit held in New York City on February 11, 2013 called "Italy Meets the United States of America". It includes welcoming letters from Mayor Bloomberg and the US Ambassador to Italy. It then provides an overview of the current economic situation in Italy, highlighting strengths such as low household debt and high private savings despite high public debt, as well as opportunities for investment in infrastructure, privatization projects, and growing sectors.
The document discusses opportunities in the Italian non-performing loan (NPL) market. Key points:
1) Prime Minister Renzi's reforms aim to improve the Italian economy by rewriting labor laws and improving bureaucracy, which should support the real estate market.
2) Italian banks have a large inventory of non-performing loans (NPLs) and little capacity to manage them, so banks are motivated to sell their NPLs.
3) Certain parts of the Italian real estate market remain distressed even after recovery in other European markets like Spain and Portugal, presenting opportunities for investors.
The document discusses the economic organization of society and the different sectors of the economy. It covers the primary, secondary, tertiary, and quaternary sectors. The primary sector produces raw materials and food. The secondary sector transforms raw materials into manufactured goods through industry and construction. The tertiary sector provides services to the population and companies, and is the largest sector in developed nations. The quaternary sector is based on information, research, and development. It then discusses the economy of the European Union, the economic crisis it faced in 2007, and how some EU economies have begun recovering since 2015 through lower oil prices, euro depreciation, and stimulus measures.
The document discusses the end of austerity measures in the Eurozone and Baltic states. It notes that after years of crisis and belt-tightening, the focus is shifting from austerity to growth. The ECB is prepared to take measures like quantitative easing to boost inflation and growth. Economic forecasts suggest the Baltic states will continue to see positive growth despite sanctions on Russia, though at a slightly slower pace. Demographic challenges remain an issue for the long term.
This document is a policy analysis on economic development in Southern Italy. It begins with an executive summary stating that Southern Italy has around half the GDP per capita of Northern Italy and struggles with lower productivity, industrialization, and living standards. It frames Southern Italy as a developing country and will analyze the best development strategy through this lens. The analysis will examine Southern Italy's current productive landscape and industries, barriers to structural transformation, export potential, and path dependencies that have led to specialization in low-tech goods. It will also consider policy recommendations to help Southern Italy develop new competitive industries and converge economically with Northern Italy over time.
The document summarizes the key challenges facing Europe in the future: abundance causing a conceptual economy rather than industrial; the rise of BRICS shifting the global economic center of gravity; climate change requiring an energy revolution; and demographic changes due to population aging. It discusses how these issues were initially addressed through policies across sectors when Europe was more optimistic, but then the financial and economic crises hit. Now, for Europe to have a big future story, it needs to play a role addressing these global challenges through the European Union and promoting its values on the global stage.
Social Agenda 23 - European Year 2010: Fighting against poverty and social exclusion ( 03/05/2010 )
Catalog N. : KE-AF-09-023-EN-C
Social Agenda 23 - European Year 2010: Fighting against poverty and social exclusion
Issue 23 of Social Agenda focuses on the 2010 European Year for combating poverty and social exclusion and on the efforts deployed to address this issue across the EU. It also takes a look at women in corporate Europe and examines the reasons why they are still underrepresented in high-level positions. And last but not least, the April edition introduces the magazine’s new layout and graphic design. It is available in English, French and German.
Does Immigration help with our long term ageing problems?Edward Hugh
The document discusses the challenges posed by global population aging trends. It notes that the proportion of the world's population over 65 is projected to more than double by 2050. This aging is due to declining fertility rates and rising life expectancy. Countries with long-standing low fertility rates below replacement levels, like those in Europe, Japan, and South Korea, will see the most rapid aging. This aging will profoundly affect economic growth prospects and dominate public finance policy debates as the costs of caring for older populations increases. While immigration can help address some aging challenges, it is not a complete solution and structural reforms will still be needed.
Group 6 presents on the future of the Euro zone. The Euro zone crisis began in 2009 in Greece due to high deficit and debt levels. Greece had a debt-to-GDP ratio of 113% and budget deficit of 12.9% of GDP. The crisis spread to other PIIGS countries like Portugal, Italy, Ireland and Spain. If Greece exits the Euro zone, it could cause economic and financial instability across Europe as people withdraw money from banks. The future of the Euro zone depends on further economic integration of policies or the potential collapse of weaker economies and banks losing hundreds of billions.
Vlerick Alumni: 5th Edition of the Vlerick Chief Economists DebateVlerick_Alumni
This document summarizes the key themes and discussions from the 5th Chief Economist Debate in 2014. It includes 4 themes: 1) International Environment, 2) Europe's Challenges, 3) Major Challenges of the Belgian Economy, and 4) Financial Markets Outlook. Each theme features a presentation from a different chief economist providing an analysis of the current economic environment and outlook. The event also includes a Q&A session and networking reception.
Snakes and ladders of europe - Amartya SenElena Colli
Here are some slides about the article written by the economist Amartya Sen («The Economic System We Need», 10 May 2012), in which he argues about the economic and political crisis of the European Union comparing it to a very popular board game: snakes and ladders. SO what are the snakes that Europe is faceing right now, and what are the potentially available ladders?
What did the financial crisis taught us about the eurozoneMarkets Beyond
Europe is not yet ready to face the reality of the the harsh decisions to be implemented, still retrenched in dogma: in the end facts are always right...
Presentation by Isabelle Engsted-Maquet (Policy officer, European Commission, DG EMPL A.2) on the occasion of the EESC hearing on European minimum income and poverty indicators (Brussels, 28 May 2013)
1) This document analyzes the economic benefits of EU membership using a synthetic counterfactual method to estimate growth effects.
2) It finds generally positive effects of EU membership on growth and productivity, though there is heterogeneity across countries and enlargements. Countries joining in 1973 and 2004 saw larger effects than those joining in 1995 or 1980s (except Greece saw negative effects).
3) Institutional development and structural reforms were found to be crucial for countries to fully realize the growth benefits of EU membership. Economic integration and trade liberalization alone were not sufficient.
The document summarizes a lecture given by Professor Vivien A. Schmidt from Boston University titled "Can the EU survive the EUROzone Crisis?". The lecture discusses whether the crisis stems more from economic or political failures and analyzes different perspectives on the problems and solutions. It examines issues like private versus public debt, austerity policies, lack of investment, and political leadership. The lecture concludes that the crisis involves problems with EU structures, policies, institutions and politics and that the EU needs better leadership, new ideas, reforms, and more democracy to survive.
Anche quest’anno l’Istituto Affari Internazionali sceglie di dedicare ai giovani under 26 il suo premio annuale intitolato "Giovani talenti per l'Italia, l'Europa e il mondo", per ascoltare le loro idee, le loro paure ed i loro sogni sull’Europa e sul mondo.
I vincitori della seconda edizione sono stati invitati a discutere l’impatto del digitale e dei social media sulla democrazia oggi, durante un dibattito pubblico, alla presenza di personalità di rilievo del mondo politico-istituzionale, economico, culturale, dello spettacolo e dello sport.
Il dibattito, moderato dalla giornalista Rai Eva Giovannini, si è articolato sotto forma di dialogo tra i giovani vincitori ed un panel di esperti che, nei più diversi ambiti di attività, hanno maturato esperienze e visioni internazionali.
Durante la manifestazione è stato anche conferito per la prima volta un premio speciale per la comunicazione intitolato a Antonio Megalizzi, il giornalista italiano ucciso nell’attentato di Strasburgo dell’11 dicembre 2018.
L'evento è stato sostenuto dal Ministero degli Affari esteri e della Cooperazione internazionale, dalla Compagnia di San Paolo e da Edison SpA.
Presentation by Marco Committeri and Pietro Tommasino Bank of Italy
Conference on:
“Sovereign Debt Crises: Prevention and Management"
Rome, 10 December 2018
Presentation by Marcello Messori, Director, Luiss School of European Political Economy
Conference on:
“Sovereign Debt Crises: Prevention and Management"
Rome, 10 December 2018
Presentation by Beatrice Weder di Mauro, President, Centre for Economic Policy Research
Conference on:
“Sovereign Debt Crises: Prevention and Management"
Rome, 10 December 2018
Presentation by Alessandro Leipold, Chief Economist, The Lisbon Council
Conference on:
“Sovereign Debt Crises: Prevention and Management"
Rome, 10 December 2018
This document discusses precautionary credit lines provided by the International Monetary Fund (IMF) as a crisis prevention tool. It finds that precautionary credit lines have provided benefits by deterring capital outflows, serving as a commitment device, and accelerating crisis response when needed. However, they could also overstretch available IMF funds and reduce incentives for countries to maintain robust economic policies. Empirical evidence suggests precautionary credit lines have lowered borrowing costs and reduced financial market volatility for recipient countries. However, relatively few countries have utilized these facilities, possibly due to stigma or fear of disqualification. There is ongoing debate around prequalifying more countries and making credit lines continuously available rather than expecting an "exit."
Presentation by Agnès Bénassy-Quéré, Professor, University Paris 1 Panthéon-Sorbonne and Paris School of Economics
Conference on:
“Sovereign Debt Crises: Prevention and Management"
Rome, 10 December 2018
1) The document discusses the distinction between fiscal sustainability and debt sustainability. Fiscal sustainability refers to a fiscal stance that is unlikely to lead to a roll over crisis, while debt sustainability means public debt itself is unsustainable even after returning to fiscal sustainability, requiring debt restructuring.
2) It compares the relative costs of adjusting the primary balance orthodoxly versus restructuring debt. Adjusting the primary balance risks larger output costs from demand effects, while debt restructuring risks a default tax, wealth loss for domestic debt holders, and uncertainty about the sufficiency of restructuring and return to markets.
3) Restructuring debt also risks reputational costs that depend on the amount of net present value loss imposed on debt
Presentation by Marco BUTI, Director-General European Commission, DG Economic and Financial Affairs
Conference on:
“Sovereign Debt Crises: Prevention and Management"
Rome, 10 December 2018
Il Premio IAI è un'iniziativa rivolta ai giovani fino ai 25 anni per coinvolgerli nel dibattito sul ruolo delle relazioni internazionali nella vita quotidiana.
I vincitori hanno discusso la propria visione dell'Europa e le loro proposte di rilancio in un dibattito serrato con personalità del mondo culturale, dello sport, economico e istituzionale, moderato da Ilaria Sotis, giornalista Radio1 Rai.
Per maggiori informazioni:
http://www.iai.it/it/eventi/giovani-talenti-litalia-leuropa-e-il-mondo
Transatlantic Security Symposium 2018
Transatlantic Security in an Age of Uncertainty
Rome, 14-15 June 2018
Presentation by Anthony H. Cordesman,Arleigh A. Burke Chair in Strategy, Center for Strategic and International Studies
Transatlantic Security Symposium 2018
Transatlantic Security in an Age of Uncertainty
Rome, 14-15 June 2018
Presentation by Anthony H. Cordesman,Arleigh A. Burke Chair in Strategy, Center for Strategic and International Studies
Presentation by Dries Acke Director, Energy Systems Programme, European Climate Foundation, at IAI conference on "Decarbonising Italy's electricity system - Delivering the energy and climate Sustainable Development Goals"
Rome, 30/05/2018
L'attenzione, l'interesse e il coinvolgimento per le notizie di politica e cronaca internazionali
Presentazione del dott. Nando PAGNONCELLI, Presidente, IPSOS Italia in occasione della tavola rotonda IAI-Ispi su: Why Think Tanks Matter in the Era of Digital and Political Disruptions
Presentation by Toshiya Tsugami, President of Tsugami Workshop, Ltd., at the IAI conference "Xi Jinping’s China: Are Japan and Europe on the same page?" organised in cooperation with the Japanese Embassy in Rome
Juzhong Zhuang, Deputy Chief Economist, Asian Development Bank presents the Asian Development Outlook Update during a IAI seminar "Developing Asia and the Pacific"
Presentazione del volume di Veronica De Romanis in occasione dell'evento IAI "Un'Europa a vele spiegate. Dove è finita l'austerità"
Roma, 23 ottobre 2017
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
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Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
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A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
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Italy in Europe: missed economic adjustment and political nemesis.
1. The Elephant
in the Room
Italy in Europe: missed
economic adjustment and
political nemesis.
Silvia Merler
Head of Research
Algebris Policy & ResearchForum
1
2. “Italy is now the
centre of the
political universe”
Steve Bannon
Sept. 2018
2
A political outlier, an economic idiosyncrasis.
How did we get here, and where are we headed?
3. • Rank countriesin the 50th ’most virtuous’ vs. ’least virtuous’ percentile
of the distribution for the indicatorsused in the EU Commission’s
Macroeconomic Imbalance Procedure (MIP).
• Over the 2000-2008 period,thisyieldsthe ’usual suspects’
• Over a longer horizon,positionsare in flux.The ‘South’ has adjusted.
Source: own work based on AMECO, Eurostat
– A macroeconomic
imbalance-based
classification of EZ
economies
Who is ‘North’,
who is ‘South’?
4. Different growth
models…
• 1999-2007: demand-driven
growth in theSouth
• 2007-2012: demanddrops
more thanGDP duringcrisis
• 2012-2017: demandgrowth
below pre-crisisrates
Source: own work based onAMECO data
5. …have shifted.
• Pre-crisis, tradecontributed
negativelyto GDP growth in
South.
• Post-crisis,net exports are
keydriverof growth inthe
South; consumption more
importantin the North
• Italy lags behindespecially
onGFC formation
Source: own work based onAMECO
6. North /South:
Crisis and Reversal
• Pre-crisis:low real rates
drewK inflowsto South.
Private creditboomed.
• Post-crisis:relativereal rates
haveinvertedpositions;
sizeable deleveraging
• In Italy, real ratesarehigher
(idiosyncraticpolitical risk)
Source: own work based on BIS; ECB
7. North /South:
Crisis and Reversal
• Capital inflows mirrorin large
current account imbalances
• Flow adjustmenttodayis
complete, legacy of external
debt remains
• Italy neverhad anexternal
debt problem…
Source: own work based onAMECO
8. The Elephant
• …but Italy continues to have
an internaldebtproblem
• Massivepost-crisisadjustment
of fiscal deficitin theSouth,
much less in Italy…
Source: own work based onAMECO
9. The missed
adjustment
• …despite interestexpenditure
at its lowest since1995…
• …current expenditure
(excludinginterest)in Italy has
not declined
Source: own work based onAMECO
10. The missed
adjustment
• Adjustmentin the Italian
bankingsector hasbeen much
slower thanin theSouth
• Italian bankshaveremained
uncompetitive andunprofitable
for longer (seeSpain)
Source: own work based on ECB
11. Elusive growth
• Standardsofliving have
reboundedstrongly inSouth
• In Italy, real p. c. GDP is at
the level of 2 decadesago
Source: own work based on Eurostat
12. Lack of rebalancing
• South’s competitive position
deterioratedin2000-2009
• Massiveimprovementsince:
today North/South areequal
• Italy remainsanexception
• Index in1998 => it is not
about thecurrency !!
Source: own work based onAMECO
13. Unfit for
the future?
• Production in high-tech
manufacturingindustrieshas
stagnated(unliketheSouth)
• The averageage of equipment
is almost back to pre-1950s
Source: own work based on Eurostat and (Bergeaud, Cette and Lecat, 2016)
14. Unfit for
the future?
• Italy has a low shareof
population with tertiary
education(2nd lowest inOECD)
• Studying doesnot pay off: low
InternalRateof Returnfrom
pursuing tertiaryeducation
Source: own work based onOECD
15. Broken Ladder
• Itergenerationalmobility
acrosseducational levels is
especially low inItaly
• Only 6% of Italians reach
tertiaryeducationif neither
parentsattainedupper
secondary
• Compareswith 17% in the
North, almost 20% in theSouth
Source: own work based onOECD
16. 16
• Inequality spikedin theSouth,
during the crisis.Sincethen,it
hasbeen decreasing
• Not so in Italy
Inequality
Source: own work based onOECD
17. The social legacy
• Unemploymentandyouth
unemployment skyrocketed
• Youth unemployment at 50%
in 2014, downbut still high
• In Italy, declinein youth
unemployment is slowerand
shareof NEET is highest
Source: own work based on Eurostat
18. The social legacy
• ...andItaly is ’special’also
because almost 50%of youth
unemployment is long-term
• In the restof South, duration
of youth unemployment
today is below 1997 levels
• In Italy skills gets destroyed,
growth potential impaired
19. The social legacy
• EmigrationfromSouth to
North as anexit route. Loss
of talent (braindrain)
• Migrationfrom Italy has
pickedup from 2012 andit is
at a 5-decades-high
Source: own work based onWEF; OECD
20. The political nemesis
After the crisis,Europeansin North and South associate the EU with ’economic
prosperity’more than with ’unemployment’.In Italy,the opposite istrue
• Social malaisehas major
consequencesfor political
dynamicsathome andvis-à-
vis the EU
Source: own work based on Eurobarometer
21. The political nemesis
• Those who migrate(movers)
become seeEurope asan
escapedoor andbecome
more pro-European
• Those who stayare stuck in
an economically andsocially
impoverishedenvironment
• The result is radicalization
andEuroscepticism
0
5
10
15
20
25
2007 2012 2017
The EU means ... Economic Prosperity
(% mentioning)
Stayers Movers
0
5
10
15
20
25
2007 2012 2017
The EU means ... Unemployment
(% mentioning)
Stayers Movers
0
5
10
15
20
25
30
2007 2012 2017
The EU means ... Democracy
(% mentioning)
Stayers Movers
0
5
10
15
20
25
2007 2012 2017
The EU means ... Social Protection
(% mentioning)
Stayers Movers
22. A Bad Romance ?
22
68% of Europeans think their country benefits from EU membership; only
30% believes the future would be better outside. UK and Italy outliers.
0
10
20
30
40
50
60
EU EAST NORDICS UK BALTICS
0
10
20
30
40
50
60
EZ12 Core IT Programme
«Better outside of the EU fuori dallaUE» (%)
Fonte: APRF su dati Eurobarometro
23. Input Legitimacy
23
Fonte: APRF su dati Eurobarometro
0
10
20
30
40
50
60
70
80
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
My voice counts in the EU (% agree)
EU EAST NORDICS UK BALTICS
0
10
20
30
40
50
60
70
80
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
My voice counts in the EU (% agree)
EZ12 Core IT Programme
Europeans do not see the EU as undemocratic, but many feel they lack a “voice”
In Italy, perceived input legitimacy input is particularly low.
24. 24
Fonte: APRF su dati Eurobarometro
This sense of disenfranchisement is more pronounced among those:
• At the bottom of the skills distribution or outside the labour market;
• In countries that have undergone a severe macroeconomic adjustment
(Greece) or a prolonged stagnationin the standard of living (Italy)
Input Legitimacy
25. Output Legitimacy
25
Fonte: APRF su dati Eurobarometro
Europeans are thorn between economic anxiety and a sense of insecurity
Italy has the highest economic anxiety; has seen largest increase in insecurity
26. 26Fonte: APRF su dati Eurobarometro
In theface of economic anxiety and insecuirty, what does the EUmean to people?
It used to beseen as an opportunity(for peace, democracy, prosperity..) beforethe crisis. It
became a threat (ofunemployment, loss of identity…).Today,neutralassessment. But not in
Italy and UK.
Output Legitimacy
27. Where are we
headed?
The EPelections
• Debt legacyon one hand, and socialstrains on the other raise a
potent (although not lethal) threat of Euroscepticism
• The 2019 EP electionswill not be ’the end of Europe as we
know it’ but need to be a wakeup call.
• A Union that no longerrepresents an unequivocalopportunity
to counter economicanxietyand insecurity, is not sustainable.
• Today, “North” and “South” are closer than ever, in terms of
economicperformance.Adjustmenthas been unilateral.
• it is possiblythe best time to have an honest and open
discussionabout EU (and especiallyEZ) solidarity…
28. Where are we
headed?
Italy
…but Italy is an obstacleto that discussion.
Italy stands out from the crowd:
• especially high public debt burden and no fiscal adjustment
• lagging behind in terms of competitiveness adjustment
• uniquely rising long-term nominal and real rates
• stubbornly high long-term youth unemployment
• stagnating standard of livings, rising inequality
• low intergenerational mobility, sizeablebrain-drain
• loss of faith in the ’meaning’ of the EU as a prosperity project
29. Where are we
headed?
Italy
Italy is a caseof missed adjustment (before and during crisis).
This explainswhy its recent economicpolicychoiceshavenot
won Italy any ‘friends’ in either the North or the South.
Lookingat Italy back in 1978, Posnerwrote that historically,in
interactingwith the internationalpoliticaleconomy:
”one of [Italy’s] main bargaining devices has been that its creditors
could not affordto see it go bankrupt”.
But is this still true today?